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Keynesian economics is really just models and numbers and how things would work in a laboratory, not how things work in the real world. The beauty of Austrian economics is it studies how things work in the real world. Economics is not a predictive science, okay? You can't say, "If we do this, this is what's gonna happen." It is a descriptive science; in other words, it describes what's going on. Austrian economics says the economy runs itself, and all that we're trying to do is understand how the economy really works. (en) |
